(The following statement was released by the rating agency) SINGAPORE/MUMBAI, January 05 (Fitch) Fitch Ratings has assigned India-based Bank of Baroda's (BOB) proposed US dollar-denominated senior unsecured debt an expected rating of 'BBB-(EXP)'. The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer. They will at all times rank pari passu among themselves and with all other unsecured obligations (other than subordinated obligations) of the Issuer. The tenor of the issue is expected to be around five years and the bank plans to use all the proceeds for offshore lending activities. The final rating is subject to the receipt of final documentation conforming to information already received. KEY RATING DRIVERS The senior unsecured instruments are rated at the same level as the bank's Issuer Default Rating (IDR), in accordance with Fitch's criteria. BOB's IDR (BBB-/Stable) is driven by its Support Rating Floor of 'BBB-' - which is higher than its Viability Rating of 'bb+' - and reflects Fitch's expectation that the government of India would continue to have a high propensity to extend support, should there be a need. BOB's systemic importance is high given its position as India's second-largest state-owned bank (55.4% state shareholding as at end-March 2013), high share of system assets and deposits (around 6%) and wide-reaching pan-India presence (over 4,000 branches). BOB, along with other state banks, has also received regular capital injections from the government. Over the last three years, it has received total funds of around INR49.5bn from the government and Life Insurance Corporation of India, which is wholly owned by the government and is India's largest life insurer. RATING SENSITIVITIES A change in BOB's IDR will have an impact on the securities' rating. BOB's other ratings are as follows: - Long-Term IDR 'BBB-'; Outlook Stable - Short-Term IDR 'F3' - Viability Rating 'bb+' - Support Rating '2' - Support Rating Floor 'BBB-' - USD 3bn MTN Programme 'BBB-' - USD 500mn Senior Unsecured Notes under the MTN programme 'BBB-' - USD 350mn Senior Unsecured Notes under the MTN programme 'BBB-' - USD 300mn Upper tier 2 Notes 'B+' For more details on BOB's ratings and credit profile, see "Fitch Takes Rating Action on Indian Banks", dated 23 September 2013, available at www.fitchratings.com. Contact: Primary Analyst Ambreesh Srivastava Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd. 6 Temasek Boulevard #35-04/05 Suntec Tower 4 Singapore Secondary Analyst Saswata Guha Director +91 22 4000 1741 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available at www.fitchratings.com Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, are available at www.fitchratings.com Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.